Venders Term, Venders Contract, Owners Finance, Venders finance means the same thing. This is when the owner or vender finances the loan, in other words you pay the owner or vender weekly/fortnightly/monthly instead of the bank.

What is vendor financing more expensive than the bank

If you were to go to a 7/11 down the road instead of the supermarket that is few extra blocks away, would you pay more for milk. You are paying for the convenience of the store, the convenience of not having to stand at a checkout, the convenience of not having to find parking. You will find that properties with venders term are normally more expensive, this is because of the convenience being offered , the convenience of not having to worry about past issues With finance or credit, the convenience of being able to move in sooner.

Normally in 12 months time you can then go back to the bank and say this is our repayment history can we have a loan now, with the loan payment history banks you have more credibility than before

Like the bank you must be able to make the repayments

• build up a loan repayment history.
• unable to get bank finance.
• get into the property market
• for investors, the ability to continue to buy investment properties when the bank has locked you count.
• increased ability to buy a house even with bad credit history
• you can move in sooner.
• flexible deposits.